By John Harrington, DTN Livestock Analyst
The August 1 Cattle on Feed report looks more negative than expected with July placements setting a new record. July placement totaled 2.15 million. This represents the largest July placements since the data series began in 1996. Such news should work to pressure deferred live cattle futures when trade resumes on Monday.
The negative side of the large placements may be somewhat softened by larger than expected July marketings. The July marketing totaled 1.91 million, essentially even with a year ago. Keep in mind that last month contained one less marketing day than 2010.
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Posted with DTN Permission by Haylie Shipp